You can access the original SEC filing by clicking here.
Ownership Summary Table
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
Etude Capital | 257,000 | 0 | 257,000 | 0 | 257,000 | 5.8% |
Steven I. Stein | 257,000 | 0 | 257,000 | 0 | 257,000 | 5.8% |
Davenforth Fundamental Investments | 100,000 | 0 | 100,000 | 0 | 100,000 | 2.2% |
Davenforth | 100,000 | 0 | 100,000 | 0 | 100,000 | 2.2% |
Bradley Roofner | 8 | 100,000 | 0 | 100,000 | 100,000 | 2.2% |
Logan Brown | 8 | 100,000 | 0 | 100,000 | 100,000 | 2.2% |
Chase Investment Counsel Corp | 155,800 | 9 | 155,800 | 11 | 155,800 | 3.5% |
Derwood S. Chase Jr | 8 | 155,800 | 0 | 155,800 | 155,800 | 3.5% |
Page 1 of 16 – SEC Filing
* | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
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Page 2 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Etude Capital LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
WC | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Texas | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
257,000 | |||||
8 | SHARED VOTING POWER | ||||
0 | |||||
9 | SOLE DISPOSITIVE POWER | ||||
257,000 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
0 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
257,000 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
5.8% | |||||
14 | TYPE OF REPORTING PERSON | ||||
OO | |||||
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Page 3 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Steven I. Stein | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
257,000 | |||||
8 | SHARED VOTING POWER | ||||
0 (see Item 5) | |||||
9 | SOLE DISPOSITIVE POWER | ||||
257,000 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
0 (see Item 5) | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
257,000 (see Item 5) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
5.8% | |||||
14 | TYPE OF REPORTING PERSON | ||||
IN | |||||
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Page 4 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Davenforth Fundamental Investments, LP. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
100,000 | |||||
8 | SHARED VOTING POWER | ||||
0 | |||||
9 | SOLE DISPOSITIVE POWER | ||||
100,000 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
0 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
100,000 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
2.2% | |||||
14 | TYPE OF REPORTING PERSON | ||||
PN | |||||
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Page 5 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Davenforth, LLC. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
100,000 | |||||
8 | SHARED VOTING POWER | ||||
0 | |||||
9 | SOLE DISPOSITIVE POWER | ||||
100,000 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
0 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
100,000 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
2.2% | |||||
14 | TYPE OF REPORTING PERSON | ||||
OO | |||||
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Page 6 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Bradley Roofner | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
8 | SHARED VOTING POWER | ||||
100,000 | |||||
9 | SOLE DISPOSITIVE POWER | ||||
0 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
100,000 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
100,000 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
2.2% | |||||
14 | TYPE OF REPORTING PERSON | ||||
IN | |||||
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Page 7 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Logan Brown | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
8 | SHARED VOTING POWER | ||||
100,000 | |||||
9 | SOLE DISPOSITIVE POWER | ||||
0 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
100,000 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
100,000 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
2.2% | |||||
14 | TYPE OF REPORTING PERSON | ||||
IN | |||||
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Page 8 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Chase Investment Counsel Corp | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
155,800 | |||||
8 | SHARED VOTING POWER | ||||
9 | SOLE DISPOSITIVE POWER | ||||
155,800 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
155,800 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
3.5% | |||||
14 | TYPE OF REPORTING PERSON | ||||
CO | |||||
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Page 9 of 16 – SEC Filing
1 | NAME OF REPORTING PERSONS | ||||
Derwood S. Chase Jr. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☒ | ||
(b) | ☐ | ||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS | ||||
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ☐ | |||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
8 | SHARED VOTING POWER | ||||
155,800 | |||||
9 | SOLE DISPOSITIVE POWER | ||||
0 | |||||
10 | SHARED DISPOSITIVE POWER | ||||
155,800 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
155,800 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
3.5% | |||||
14 | TYPE OF REPORTING PERSON | ||||
IN | |||||
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Page 10 of 16 – SEC Filing
Item 1. | Security and Issuer |
Item 2. | Identity and Background |
(a) | This statement is filed by: |
(i) | Davenforth Fundamental Investments, LP |
(ii) | Davenforth, LLC, a Texas limited liability (“Davenforth”), which serves as the general partner of Davenforth Fundamental Investments, LP; |
(iii) | Etude Capital, LLC, a Texas limited liability company (“Etude Capital”); |
(iv) | Steven Stein, who serves as the managing member of Etude Capital; |
(v) | Bradley Roofer who serves as co-director of Davenforth, LLC and Davenforth Fundamental Investments, LP; |
(vi) | Logan Brown who serves as co-director of Davenforth, LLC and Davenforth Fundamental Investments, LP; |
(vii) | Chase Investment Counsel Corp, an investment advisor based in Charlottesville, VA. |
(viii) | Derwood S. Chase Jr., who serves as a director at Chase Investment Counsel Corp; |
Item 3. | Source and Amount of Funds or Other Consideration |
Item 4. | Purpose of Transaction |
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Page 11 of 16 – SEC Filing
Item 5. | Interest in Securities of the Issuer |
(b) | A.Davenforth Fundamental Investments LP |
(a) | As of the close of business on April 6, 2016, DFI beneficially owned 100,000 Shares. |
(b) | 1. Sole power to vote or direct vote: 100,000 |
2. | Shared power to vote or direct vote: 0 |
3. | Sole power to dispose or direct the disposition: 100,000 |
4. | Shared power to dispose or direct the disposition: 0 |
(c) | Past transactions under schedule I. |
B. | Davenforth LLC |
(a) | Davenforth LLC, as the general partner of DFI, may be deemed the beneficial owner of the 100,000 shares owned by DFI. |
(b) | 1. Sole power to vote or direct vote: 100,000 |
2. | Shared power to vote or direct vote: 0 |
3. | Sole power to dispose or direct the disposition: 100,000 |
4. | Shared power to dispose or direct the disposition: 0 |
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Page 12 of 16 – SEC Filing
(c) | Past transactions under schedule I |
C. | Etude Capital, LLC |
(a) | Etude Capital, may be deemed the beneficial owner of 257,000 shares |
(b) | 1. Sole power to vote or direct vote: 257,000 |
2. | Shared power to vote or direct vote: 0 |
3. | Sole power to dispose or direct the disposition: 257,000 |
4. | Shared power to dispose or direct the disposition: 0 |
(c) | Amended transactions under schedule II |
D. | Steven Stein |
(a) | Mr. Stein, as the managing member of Etude Capital, may be deemed the beneficial owner of the 100,000 Shares owned by Etude Capital LLC.. |
(b) | 1. Sole power to vote or direct vote: 257,000 |
2. | Shared power to vote or direct vote: 0 |
3. | Sole power to dispose or direct the disposition: 257,000 |
4. | Shared power to dispose or direct the disposition: 0 |
(c) | Amended transactions under schedule II. |
E. | Chase Investment Counsel Corp |
(a) | As of the close of business on April 6, 2016, Chase Investment Counsel beneficially owned 155,800 Shares. |
(b) | 1. Sole power to vote or direct vote: 155,800 |
2. | Shared power to vote or direct vote: 0 |
3. | Sole power to dispose or direct the disposition: 155,800 |
4. | Shared power to dispose or direct the disposition: 0 |
(c) | Chase Investment Counsel Corp has not entered into any transactions in the Shares during the past 60 days. |
F. | Derwood S. Chase Jr. |
(a) | As an agent of Chase Investment Counsel Corp, Mr. Chase may be deemed the beneficial owner of the 155,800 Shares owned by Chase Investment Counsel Corp. |
(b) | 1. Sole power to vote or direct vote: |
2. | Shared power to vote or direct vote: 155,800 |
3. | Sole power to dispose or direct the disposition: |
4. | Shared power to dispose or direct the disposition: 155,800 |
(c) | Mr. Chase has not entered into any transactions in the Shares during the past 60 days. |
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Page 13 of 16 – SEC Filing
G. | Bradley Roofner. |
(a) | As a managing member of Davenforth LLC, Mr. Roofner may be deemed the beneficial owner of the 100,000 Shares owned by each Davenforth LLC and DFI LP. |
(b) | 1. Sole power to vote or direct vote: |
2. | Shared power to vote or direct vote: 100,000 |
3. | Sole power to dispose or direct the disposition: |
4. | Shared power to dispose or direct the disposition: 100,000 |
(c) | Transactions available on Schedule I |
H. | Logan Brown. |
(a) | As a managing memeber of Davenforth LLC, Mr. Brown may be deemed the beneficial owner of the 100,000 Shares owned by each Davenforth LLC and DFI LP. |
(b) | 1. Sole power to vote or direct vote: |
2. | Shared power to vote or direct vote: 100,000 |
3. | Sole power to dispose or direct the disposition: |
4. | Shared power to dispose or direct the disposition: 100,000 |
(c) | Transactions available on Schedule I |
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 7. | Material to be Filed as Exhibits |
Exhibit Number | Description of Exhibits | |
1 | Joint Filing Agreement, dated as of April 6, 2016. | |
2 | Press Release, dated April 7, 2016. |
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Page 14 of 16 – SEC Filing
Davenforth Fundamental Investments, LP | |||
By: | Davenforth, LLC | ||
General Partner | |||
By: | /s/ Bradley Roofner | ||
Name: | Bradley Roofner | ||
Title: | Managing Member |
Davenforth, LLC | |||
By: | /s/ Bradley Roofner | ||
Name: | Bradley Roofner | ||
Title: | Managing Member |
Etude Capital, LLC | |||
By: | /s/ Steven Stein | ||
Name: | Steven Stein | ||
Title: | Managing Member | ||
Chase Investment Counsel Corp | |||
By: | /s/ Steven Stein | ||
Name: | Derwood S. Chase Jr. | ||
Title: | Agent |
/s/ Bradley Roofner | |
Bradley Roofner |
/s/ Logan Brown | |
Logan Brown | |
/s/ Steven Stein | |
Steven Stein |
/s/ Derwood S. Chase Jr. | |
Derwood S. Chase Jr. |
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Page 15 of 16 – SEC Filing
Date of Transaction | Shares Purchased (Sold) | Price Per Share $ |
2016-03-14 | 971 | 0.84 |
2016-03-14 | 1,694 | 0.86 |
2016-03-28 | 200 | 0.82 |
2016-04-04 | 400 | 0.84 |
2016-04-04 | 100 | 0.87 |
2016-04-04 | 2,300 | 0.90 |
2016-04-04 | 1,800 | 0.90 |
Date of Transaction | Shares Purchased (Sold) | Price Per Share $ |
2016-03-01 | 2000 | 0.95 |
2016-03-04 | 100 | 0.97 |
2016-03-04 | 1417 | 0.98 |
2016-03-07 | 100 | 0.98 |
2016-03-07 | 5000 | 0.99 |
2016-03-07 | 6383 | 1.00 |
2016-03-10 | 15000 | 1.02 |
2016-03-11 | 200 | 1.015 |
2016-03-11 | 9800 | 1.05 |
2016-03-14 | 2010 | 1.05 |
2016-03-14 | 2990 | 1.06 |
2016-03-21 | 100 | 0.98 |
2016-03-28 | 8200 | 0.96 |
2016-03-30 | 1100 | 0.96 |
2016-03-30 | 2500 | .99 |
2016-03-30 | 4600 | 1.00 |
2016-04-01 | 10000 | 1.02 |
2016-04-01 | 10000 | 1.02 |
2016-04-01 | 8500 | 1.02 |
2016-04-01 | 5000 | 1.02 |
2016-04-04 | 100 | 0.90 |
2016-04-04 | 200 | 0.97 |
2016-04-04 | 2600 | 0.99 |
2016-04-04 | 500 | 0.99 |
2016-04-05 | 1600 | 1.03 |
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Page 16 of 16 – SEC Filing
Exhibit Number | Description of Exhibits | |
1 | Joint Filing Agreement, dated as of April 6, 2016 | |
Press Release, dated as of April 7, 2016. |